On Monday, April 16, Governor Walker signed into law SB 668 (ACT 280), to increase the cap for the historic tax credit from $500,000 to $3.5M per project. The change received bipartisan support following a proposed per-project cap of $500,000 in the latest budget. This has been a long-fought process that has garnered widespread interest and Statewide involvement.
The WRA Policy team worked tirelessly to accomplish this momentous change. A strong coalition of preservationists, economic development groups and real estate organizations advocated for the increase. Click HERE for the issues brief that was distributed at the Commercial Real Estate and Government Day. During this process of changes to the State program, as a result of tax reform, the federal Historic Rehabilitation Tax Credit program was also changed (click HERE for more information).
We are grateful to Senator Darling and Representative Rohrkaste for introducing the bill in a very compact session, and for legislative leaders including Representative Brooks, for taking up the measure. Members and volunteers spent hours contacting legislators, meeting with partners, and collecting information that ultimately led to a successful outcome. Those contacts matter greatly, and we hear from legislators when a Call To Action is acted upon.
Congratulations to all of you!
Coalition Partners – we thank you!
Brown County Trust for Historic Preservation;
CARW – Commercial Association of REALTORS® of Wisconsin;
Coakley Brothers/Brothers Business Interiors, Milwaukee, WI;
Madison Trust for Historic Preservation;
MMAC – Metropolitan Milwaukee Association of Commerce
Milwaukee Preservation Alliance;
National Trust for Historic Preservation;
The Kubala Washatko Architects, Cedarburg, WI;
UW Milwaukee Historic Preservation Institute;
Waukesha Preservation Alliance;
WEDA – WI Economic Development Association;
Wisconsin Bankers Association;
Wisconsin Homebuilders Association;
Wisconsin League of Municipalities;
Wisconsin REALTORS® Association;
Wisconsin State Council of Carpenters;
Wisconsin State Historical Society
In addition to Act 280, the Governor also signed into the law, AB 771 (Act 317) — The Landlord Bill which makes numerous changes relating to rental housing, landlord tenant law, levy limits, and local government authority.
Recently, ACT 243, The Developers Bill, was also passed and makes housing and commercial property more affordable for Wisconsin’s workforce, families and businesses.